The Federal Reserve has terminated an enforcement action against Wells Fargo, the central bank announced Thursday.
The terminated order, issued in 2018, had required Wells to demonstrate improvements it had made to its governance and risk management program, compared with the system as it stood at the time of the bank’s 2016 fake-accounts scandal. Wells was also required to show that it had completed two third-party reviews of those improvements.
The termination leaves Wells with no outstanding enforcement actions for the first time in 15 years, Bloomberg reported Thursday.
The bank acknowledged the termination in a press release Thursday that contained no further statement.
The Fed said Thursday it has determined that Wells has “met all required conditions” of the order through “remediation work [that] spanned nearly a decade.”
The central bank last June lifted a $1.95 trillion asset cap under which Wells had operated since 2018.
